Core Viewpoint - The company, Guangdong Songyang Resources Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information presented in the report [8][14]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided documents [3][4]. Board and Supervisory Committee Meetings - The fourth board meeting was held on October 30, 2025, where the third-quarter report was approved unanimously by all participating directors [8][9]. - The supervisory committee also convened on the same day and approved the third-quarter report, affirming its accuracy and completeness [12][14]. Legal Responsibility - The board of directors and the supervisory committee have guaranteed that the report does not contain any false records, misleading statements, or significant omissions, and they accept legal responsibility for the report's content [2][12].

Group 1 - The company Songyang Resources (SH 603863) announced on October 31 that its fourth board meeting was held on October 30, 2025, to review the full report for the third quarter of 2025 [1] - For the year 2024, the company's revenue composition is 100% from manufacturing [1] Group 2 - The article discusses the phenomenon of "negative electricity prices" in multiple regions and questions why power plants are reluctant to shut down despite not making profits from selling electricity [1]

Core Viewpoint - Songyang Resources is a significant player in the domestic environmental recycled paper sector, focusing on research, production, and sales of recycled paper, with a full industry chain advantage [1] Group 1: Business Performance - As of Q3 2025, Songyang Resources reported revenue of 314 million yuan, ranking 10th in the industry, significantly lower than the industry leader, Sun Paper, with 28.936 billion yuan, and the second, Shanying International, with 21.133 billion yuan [2] - The main business composition includes high-strength corrugated paper revenue of 148 million yuan (66.70%), specialty paper revenue of 69.21 million yuan (31.09%), and other business revenue of 5.05 million yuan (2.27%) [2] - The net profit for the same period was -87.04 million yuan, ranking 8th in the industry, with the industry leader, Sun Paper, achieving a net profit of 2.506 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Songyang Resources had a debt-to-asset ratio of 67.89%, higher than the previous year's 57.66% and above the industry average of 56.77% [3] - The gross profit margin for the same period was -10.95%, lower than the previous year's -6.41% and below the industry average of 0.28% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Wang Weilong was 663,000 yuan, an increase of 3,000 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders decreased by 22.23% to 16,900, while the average number of circulating A-shares held per household increased by 28.59% to 12,100 [5]

Core Viewpoint - Songyang Resources (603863.SH) reported a significant decline in revenue for the first three quarters of 2025, indicating challenges in its operational performance [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 314 million yuan, representing a year-on-year decrease of 40.2% [1] - The net profit attributable to shareholders of the parent company was -86.7386 million yuan, which is a reduction in losses by 17.9063 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.42 yuan [1]

广东松炀再生资源股份有限公司 第四届监事会第十八次会议决议公告 证券代码：603863 证券简称：松炀资源 公告编号：2025-045 一、监事会会议召开情况 广东松炀再生资源股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以书面方式向全体监事发出了以现场表决方式召开第四届监事会第十八次会 议的会议通知及相关议案。2025 年 10 月 30 日，公司以现场表决方式召开了第 四届监事会第十八次会议。本次会议由公司监事会主席王建业先生召集和主持， 会议应参与表决的监事 3 名，实际参与表决的监事 3 名。本次会议召集及召开程 序符合《公司法》、《公司章程》和《监事会议事规则》的有关规定，会议合法 有效。 二、监事会会议审议情况 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 特此公告。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广东松炀再生资源股份有限公司 会议审议并以记名投票方式表决通过了会议议案，作出以下决议： 1、审议通过了《2025 年第三季度报告全文的议案》； 公司根据企业的 ...

证券代码：603863 证券简称：松炀资源 公告编号：2025-044 1、审议通过了《2025 年第三季度报告全文的议案》； 广东松炀再生资源股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以邮件、书面方式向全体董事发出了以现场结合通讯表决方式召开第四届董事 会第二十四次会议的会议通知及相关议案。2025 年 10 月 30 日，公司以现场结 合通讯表决方式召开了第四届董事会第二十四次会议。本次会议由公司董事长王 壮加先生召集和主持，会议应参与表决的董事 7 名，实际参与表决的董事 7 名。 本次会议召集及召开程序符合《公司法》、《公司章程》和《董事会议事规则》 的有关规定，会议合法有效。 二、董事会会议审议情况 会议审议并以记名投票方式表决通过了会议议案，作出以下决议： 公司根据企业的经营情况编写了公司《2025 年第三季度报告》，内容依据 充分、适当，真实公允。 表决结果：同意票 7 票，反对 0 票，弃权 0 票。 广东松炀再生资源股份有限公司 第四届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、 ...

Financial Performance - The company's operating revenue for the third quarter was ¥91,364,059.09, a decrease of 46.42% compared to the same period last year[4]. - The total profit for the quarter was -¥41,089,370.70, with a net profit attributable to shareholders of -¥41,043,386.48[4]. - Year-to-date revenue reached ¥313,988,524.90, down 40.20% year-on-year[4]. - The basic and diluted earnings per share for the quarter were both -¥0.20[5]. - The total operating profit for the first three quarters of 2025 was reported at -¥86,892,576.69, an improvement from -¥109,492,658.48 in the previous year, reflecting a reduction in losses of about 20.6%[20]. - The net profit for the first three quarters of 2025 was -¥87,038,161.29, compared to -¥105,327,629.78 in the same period of 2024, showing a decrease in net losses by approximately 17.3%[20]. - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.42, an improvement from -¥0.51 in the same period of 2024[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,142,690,683.28, a decrease of 12.26% from the previous year[5]. - Shareholders' equity attributable to the company was ¥364,123,662.99, down 21.77% compared to the end of the previous year[5]. - Total assets decreased to RMB 1,142,690,683.28 as of September 30, 2025, from RMB 1,302,416,813.07 at the end of 2024[17]. - Total liabilities as of September 30, 2025, were RMB 775,806,028.74, compared to RMB 833,929,491.43 at the end of 2024[16]. - The company's total equity decreased to RMB 366,884,654.54 as of September 30, 2025, from RMB 468,487,321.64 at the end of 2024[17]. - Short-term borrowings were RMB 265,722,631.93 as of September 30, 2025, slightly up from RMB 265,624,841.60 at the end of 2024[16]. Cash Flow - The company reported a cash flow from operating activities of -¥28,248,025.94 year-to-date[5]. - Cash flow from operating activities for the first three quarters of 2025 was -¥28,248,025.94, slightly better than -¥30,780,646.65 in the same period of 2024[23]. - The company generated cash inflows from operating activities totaling ¥292,985,697.81 in 2025, down from ¥578,098,153.90 in 2024, representing a decline of about 49.3%[23]. - Cash outflows from operating activities were ¥321,233,723.75 in 2025, compared to ¥608,878,800.55 in 2024, indicating a decrease of approximately 47.3%[23]. - The net cash flow from investing activities for the first three quarters of 2025 was ¥37,995,697.77, down from ¥76,451,414.84 in 2024, reflecting a decline of about 50.3%[24]. - The company reported a net cash flow from financing activities of -¥48,914,547.01 in 2025, compared to -¥30,139,490.88 in 2024, indicating an increase in cash outflow[25]. - The ending cash and cash equivalents balance for the company as of the end of September 2025 was ¥22,771,903.50, down from ¥47,234,950.11 at the end of September 2024[25]. Operational Challenges - The decline in revenue was primarily due to the shutdown of the coated whiteboard paper production line and insufficient operation of the high-strength corrugated paper machine, leading to decreased sales volume[9]. - The company's management indicated a focus on cost reduction and operational efficiency improvements moving forward[19]. - The company's R&D expenses for the first three quarters of 2025 amounted to ¥7,170,291.10, compared to ¥13,732,662.05 in the same period of 2024, indicating a decrease of approximately 47.8%[20]. - Total operating costs for the first three quarters of 2025 were RMB 408,078,449.70, down 36.8% from RMB 645,846,073.89 in the first three quarters of 2024[19]. - Operating costs in 2025 included RMB 348,362,239.08 in operating expenses, a reduction from RMB 558,756,804.25 in 2024[19]. - The company received government subsidies amounting to ¥575,386.35 during the quarter[7]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,870[10].

Market Overview - The paper sector experienced a decline of 0.95% on October 30, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Songyang Resources (603863) saw a significant increase of 7.26%, closing at 22.45 with a trading volume of 152,100 shares and a turnover of 332 million yuan [1] - Other notable performances include: - Bohui Paper (600966) up 0.81% to 4.95 [1] - Yibin Paper (600793) up 0.80% to 23.89 [1] - Wuzhou Special Paper (605007) up 0.75% to 12.10 [1] - Conversely, several stocks faced declines, including: - ST Chenming (000488) down 0.48% to 2.07 [1] - Qifeng New Materials (002521) down 0.44% to 9.03 [1] Capital Flow Analysis - The paper sector saw a net outflow of 297 million yuan from institutional investors, while retail investors contributed a net inflow of 364 million yuan [2] - The capital flow for individual stocks indicates: - Songyang Resources had a net outflow of 35.89 million yuan from institutional investors [3] - Huawang Technology (605377) experienced a net inflow of 8.30 million yuan from institutional investors [3] - Wuzhou Special Paper had a net inflow of 7.63 million yuan from institutional investors [3]

Core Insights - The paper sector experienced a slight increase of 0.01% on October 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance Summary - Minshida (920394) closed at 41.63, with a rise of 6.99% and a trading volume of 29,200 lots, amounting to a transaction value of 117 million [1] - Xianhe Co. (603733) closed at 22.90, up 2.92%, with a trading volume of 34,900 lots and a transaction value of approximately 78.84 million [1] - Wuzhou Special Paper (605007) closed at 12.01, increasing by 2.56%, with a trading volume of 36,900 lots and a transaction value of around 43.68 million [1] - Other notable stocks include Songyang Resources (603863) at 20.93 (+2.30%), Huatai Co. (600308) at 3.79 (+1.88%), and Sun Paper (002078) at 14.24 (+0.49%) [1] Capital Flow Analysis - The paper sector saw a net outflow of 198 million from institutional investors, while retail investors contributed a net inflow of 182 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huatai Co. (600308) had a net inflow of 16.33 million from institutional investors, but a net outflow of 15.51 million from retail investors [3] - Xianhe Co. (603733) experienced a net inflow of 2.16 million from retail investors, despite a net outflow from institutional investors [3] - Wuzhou Special Paper (605007) saw a net inflow of 1.77 million from institutional investors and a net inflow of 3.26 million from retail investors [3]

Market Overview - The paper sector increased by 0.81% on October 23, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Songyang Resources (603863) closed at 19.97, up 10.03% with a trading volume of 138,000 shares and a turnover of 267 million yuan [1] - Yibin Paper (600793) closed at 25.49, up 4.55% with a trading volume of 157,300 shares and a turnover of 396 million yuan [1] - Other notable performers include Qifeng New Materials (002521) up 2.19%, Huatai Co. (600308) up 1.61%, and Kain Co. (002012) up 1.59% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 86.95 million yuan from institutional investors, while retail investors saw a net inflow of 146 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow for Selected Stocks - Yibin Paper had a net inflow of 77.39 million yuan from institutional investors, but a net outflow of 36.71 million yuan from speculative funds [3] - Songyang Resources saw a net inflow of 54.72 million yuan from institutional investors, with a net outflow of 19.35 million yuan from speculative funds [3] - Other stocks like Xianhe Co. (603733) and Kain Co. (002012) also showed varied capital flows, indicating differing investor sentiments across the sector [3]